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Bharat Bill payment system (BBPS): All you need to know about
1-2 Questions associated with Payment App like Bharat Bill payment system (BBPS) are often asked in government exams like Banking, Insurance, Railway, SSC, etc.
In this article, we will deal with all the facts which will answer the queries related to the Bharat Bill payment system (BBPS).
This article on Bharat Bill payment system (BBPS) will be very important for upcoming competitive examinations like Banking, Insurance, Railway, SSC, etc.
Bharat Bill payment system (BBPS)
- The Bharat Bill payment system is a Reserve Bank of India (RBI) conceptualised system driven by National Payments Corporation of India (NPCI). It is a one-stop ecosystem for payment of all bills providing an interoperable and accessible “Anytime Anywhere” Bill payment service to all customers across India with certainty, reliability and safety of transactions.
Features and Benefit of Bharat Bill payment system (BBPS)
- The Committee headed by RBI Executive Director G. Padmanabhan was set up in 2013 to study the feasibility of implementation of Giro based Payment Systems.
- Bharat BillPay has multiple modes of payment and provides instant confirmation of payment via an SMS or receipt. It offers myriad Bill collection categories like electricity, telecom, DTH, gas, water bills, etc.
- And also other repetitive payments like insurance premium, mutual funds, school fees, institution fees, credit cards, fastag recharge, local taxes, housing society payments, etc. at one single window.
- Bharat BillPay transaction can be initiated through multiple payment channels like Internet, Internet Banking, Mobile, Mobile-Banking, Mobile Wallets, Kiosk, ATM, Bank Branch, Agents and Business Correspondents, by just looking at the Bharat BillPay logo.
- Bharat BillPay facilitates myriad payment modes enabling Bill payments. The payment modes options facilitated under the ecosystem are Cards (Credit, Debit and Prepaid), NEFT Internet Banking, UPI, Wallets, Aadhar based Payments and Cash.
- Most cost-effective for entire ecosystem – Flat fee charge vs current ad valorem.
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